Banks to set up a Unified Recovery Interface to enhance efficiency

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This would be managed by PSB Alliance Ltd, a company set up by all public sector banks in the country.

Sunil Mehta, chief executive, IBA, said the industry lobby group was in discussion with the Ministry of Corporate Affairs for the scheme.

This will give comfort to bankers that when they lend this, the process will run for the recovery also, so there may not be many challenges in collection management.

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Article Details

Category: BusinessFinance

Markets: India

Topics: Indian lenders Banking system UPI Banking sector

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-06 @ 20:25:50 (7 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 409 words

Reading Time: 3 minutes read

Sentences: 22 lines

Sentence Length: 19 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Standard

News ID: 22392425

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